Loss incurred in share trading in F & O segment cannot be consider as speculative under sec 43(5) and all the decision of the authority should be based on proper reason
Last updated: 03 March 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition of``3,11,85,809/- on account of disallowance of loss on trading of shares as not an allowable expenditure u/s 37(1) in view of violation of clause 11 mentioned in the 1st schedule of the Chartered Accountant Act, 1949 (amended in 2006) as discussed in detail in the assessment order and that too without giving an opportunity to the Assessing Officer and thereby violating Rule 46A of the I.T. Rules.
Citation :
Income Tax Of f icer ,Ward 37(1), Room No.409, N Block, Vikas Bhawan,I .P. Estate, New Delhi (Appellant) V/s. Shri Hemant Surana, A-401, Defence Colony,New Delhi-24 (Respondent) Shri Hemant Surana,A-401, Defence Colony,New Delhi-24 (Appellant) V/s. Income Tax Officer ,Ward 37(1), Room No.409,N Block, Vikas Bhawan, I .P. Estate, New Delhi (Respondent)
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Ayush
Published in Income Tax
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